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What is Modern Theory of Rent Explained about?

1. Modern theory of rent was first discussed by J.S. Mills and later developed by economists like Jevons, Pareto, Marshall, and John Robinson. 2. According to modern theory, rent is the surplus earnings from using a factor of production above its opportunity cost or transfer earnings. 3. Rent can arise for all factors of production, not just land, when the supply is inelastic or scarce, creating surplus earnings above the minimum needed to induce use of the factor.

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iarilangsyngkli0

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EN